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Economics Past Questions and Answers

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Economics Questions

Question 4331:

When Elasticity of Demand is greater than one, the demand is ____________

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A Perfectly elastic
B Unitary elastic
C Zero elastic
D Inelastic
E Elastic

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Question 4332:

An inflation which occurs as a result of increase in production cost is known as ____________

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A Cost-push inflation
B Creeping inflation
C Demand-pull inflation
D Hyper-inflation
E Runaway inflation

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Question 4333:

A one-man business is controlled by ____________

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A An active partner
B Board of trustees
C Board of directors
D Dormant partner
E The owner

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Question 4334:

A firm with a total of 54 employees produced 108 tonnes of toilet tissues in 3months. What is the average production per employee?

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A 0.02 tonnes
B 0.2 tonnes
C 2 tonnes
D 20 tonnes
E 200 tonnes

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Question 4335:

All the following are the objectives of economic planning EXCEPT to ____________

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A Reduce the rate of inflation and achieve stable value for the naira
B Encourage inflow of public and private capital
C Evolve a sequential political transition and enthronement of popular government
D Reduce economic dependence on foreign nations
E Achieve full employment

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